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Judgment Search Results Home > Cases Phrase: income tax act Year: 1995 Page 1 of about 3,129 results (0.128 seconds)

Jan 03 1995 (HC)

Commissioner of Income-tax Vs. Naginimara Veneer and Saw Mills (P.) Lt ...

Court : Guwahati

Decided on : Jan-03-1995

..... the assessee failed to file the return within the time prescribed under section 139(3) of the income-tax act, 1961 ?'2. to answer the reference, it is necessary to narrate the short facts of the case.3. the assessing officer mentioned in the assessment order that the total loss ..... within time.6. under section 139(1) of the income-tax act, every person, if his total income or the total income of any other person in respect of which he is assessable under the act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall furnish a return of his income or the income of such other person during the previous year, in ..... . baruah, j.1. the following question has been referred under section 256(1) of the income-tax act at the instance of the department ; 'whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the order of the commissioner of income-tax (appeals) in directing the assessing officer to allow carry forward of loss to the assessee although ..... time prescribed so as to attract the provisions of section 72 of the act. therefore, the reference is answered in the affirmative and against the department. a copy of this judgment under the signature of the registrar and the seal of the high court shall be transmitted to the income-tax appellate tribunal.8. in the facts and circumstances of the case, there .....

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Sep 15 1995 (SC)

Modi Industries Limited, Modinagar and ors. Vs. Commissioner of Income ...

Court : Supreme Court of India

Decided on : Sep-15-1995

Reported in : (1995)128CTR(SC)361; [1995]216ITR759(SC); JT1995(6)SC549; 1995(5)SCALE362; (1995)6SCC396; [1995]Supp3SCR642

..... of the allahabad high court in sir shadilal sugar and general mills ltd. : [1972]85itr363(all) . the assessment year concerned herein is 1960-61 and is governed by the indian income tax act, 1922. we have referred to the judgment under appeal in the body of the judgment and for the reasons recorded therein the appeal is dismissed. there shall be no order ..... ) . which is the subject-matter of civil appeal no. 1395 of 1974 before us. the assessment year concerned in this case is 1960-61 and, therefore, governed by the indian income tax act, 1922. r.s. pathak, j., (as he then was) speaking for the bench gave an additional reason in support of the view taken in sarangpur cotton. the learned judge referred ..... section 217. this section deals with liability to pay interest of a person who has not previously been assessed by regular assessment under this act or under the indian income tax act, 1922 but has filed an estimate of income and paid tax accordingly under sub-section (3) of section 212. as has been noted earlier in the judgment, 'regular assessment' in this context cannot have ..... under section 210.section 210 speaks of a person who has been previously assessed by way of regular assessment under this act or under the indian income tax act, 1922. such a person can be called upon by the income tax officer to pay advance tax determined in accordance with the provisions of sections 207, 208 and 209. any person who has not previously been assessed by .....

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Mar 25 1995 (HC)

Commissioner of Income-tax Vs. Madras Race Club

Court : Chennai

Decided on : Mar-25-1995

Reported in : [1996]219ITR39(Mad)

..... or charitable institutions and, therefore, the profits from the scheme were not exempted from taxation under section 4(3)(ia) of the income-tax act.24. thus, considering the facts arising in the assessment year 1972-73 in the light of the decisions of the supreme court in ..... following two questions for the opinion of this court under section 256(1) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the income of rs. 3,87,832 being the net collections on the three days on which ..... separate fund which would be administered by the secretary of the club. the fund has its own separate rules, and it has separate accounts. the income-tax officer in the prior order wanted to make out that the collections were made by the secretary of the race club and the surplus should be treated ..... the second question relates to surplus in the race club accident fund. there was a surplus of rs. 7,733 in the said fund. the income-tax officer followed the prior year's order and had pointed out that there was no obligation imposed on the trust to disburse the fund and such disbursement ..... was purely discretionary. the income-tax officer treated this surplus as income of the assessee-company. on appeal, the appellate assistant commissioner considered all the facts and had held that this is a separate fund .....

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Apr 07 1995 (HC)

Commissioner of Income Tax Vs. Chetan Dass Lachhman Dass

Court : Delhi

Decided on : Apr-07-1995

Reported in : 58(1995)DLT841; [1995]214ITR726(Delhi)

..... assessed was finally assessed at rs. 3,90,205 on the basis of the order passed by the income-tax appellate tribunal. 3. thereafter the income-tax officer initiated a proceeding against the assessed under section 271(1)(c) of the income-tax act for furnishing inaccurate particulars of income and on conclusion of the proceedings ordered levy of penalty of rs. 2,00,890 on the following ..... dr. m.k. sharma, j.1. this petition under section 256(2) of the income-tax act, 1961, has been filed by the revenue for a direction to the income-tax appellate tribunal relevant to the assessment year 1983-84 to state a case and refer to this court for its opinion the following question stated to be a question of ..... items of concealed income, the addition of which was upheld by the tribunal in the quantum appeal : rs.(a) cost of 3,000 kgs. of ..... law :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is correct in law in cancelling penalty of rs. 2,00,890 imposed under section 271(1)(c) of the act ?' 2. the assessee-firm carried on business in hing, jeera, dry fruits, etc., in delhi and bombay. the assessed .....

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Jan 18 1995 (HC)

Commissioner of Income-tax Vs. Somnath Oil Mills

Court : Gujarat

Decided on : Jan-18-1995

Reported in : [1995]214ITR32(Guj)

..... (1)(c) cannot be sustained 2. whether the finding of the appellate tribunal that levy of penalty under section 271(1)(c) of the income-tax act, 1961, cannot be sustained is correct in law and sustainable from the facts, evidence and material on record ?' 2. the aforesaid questions arise in the background of the facts : the ..... tribunal, ahmedabad bench 'b', ahmedabad, has referred the following questions under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), for our opinion : '1. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that levy of penalty as imposed by the appellate assistant commissioner under section 271 ..... recorded in the exercise book and diary seized from the assessee. the explanation of the assessee was not accepted by the income-tax officer. he further found some entries relating to expenses and sales of oil and oil cakes. finally, the income-tax officer held that the assessee has failed to establish the source of purchase of groundnuts to the tune of rs. 5 ..... a raid in the premises of the assessee and during the search seized a number of documents. thereafter, in the assessment proceedings for the accounting year 1970-71, the income-tax officer took cognizance of the documents seized by the sales-tax authorities and found that the assessee had not recorded purchases of groundnuts to the tune of rs. 5,97,107. the .....

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Dec 07 1995 (HC)

Commissioner of Income-tax Vs. Carburettors Ltd.

Court : Chennai

Decided on : Dec-07-1995

Reported in : [1996]221ITR680(Mad)

..... years and could deal with it as if it were their own asset, and amounts paid are not admissible as business expenditure under the income-tax act.' 11. thus, according to the facts in the abovesaid decision also, the assessee incurred expenditure under a collaboration agreement as a package deal ..... said to arise out of the order of the tribunal for the assessment year 1976-77 for our opinion under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the sum of ..... arising in this case, confirmed the order passed by the commissioner of income-tax (appeals). 4. learned standings counsel appearing for the department submitted that the drawings were purchased by the assessee by an outright purchase. the drawings ..... drawings would not be of a permanent value to the assessee so as to treat such expenditure as capital expenditure. accordingly, the commissioner of income-tax deleted the addition of rs. 71,657. aggrieved, the department field the second appeal before the tribunal. the tribunal, on considering the facts ..... collaborator for the manufacturing of a special type of automobile component on the specific orders of the defence department. according to the commissioner of income-tax (appeals), as there was no possibility of such orders being repeated in future and as in the modern days of day-to-day .....

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Aug 03 1995 (HC)

Commissioner of Income-tax Vs. S. Krishnaswamy and Sons

Court : Chennai

Decided on : Aug-03-1995

Reported in : [1996]219ITR157(Mad)

..... to as 'the act'), on the ground that the assessee 'has concealed the particulars of his income', as found in the first part of the abovesaid section 271(1)(c). 3. the facts found are as follows : the ..... in holding that income assessed under compromise with a view to avoid protracted proceedings could not be the basis for levy of penalty under section 271(1)(c) ?' 2. in essence, it has to be seen whether the tribunal is justified in confirming the deletion of penalty, which was levied originally under section 271(1)(c) of the income-tax act, 1961 (hereinafter referred ..... been approved and that clearly indicates that if, on the assessee's own showing, the filing of the original return was an act of concealment of income, it did call for a penalty. in view of that, the decision in addl. cit v. t. k. perumalswamy : [1984]150itr600(mad) , cannot be pressed into service by the assesses.' 11. thus, we also find that ..... on that decision, that whenever there is an estimate of income, there is no scope for holding that the assessee has concealed the income. therefore, if on the assessee's own showing the filing of the original return was an act of concealment of income, it does call for a penalty. in fact in cit v. krishna and co. : [1979]120itr144(mad) also, this court .....

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Sep 12 1995 (HC)

Commissioner of Income-tax Vs. Arasan Aluminium Industries Pvt. Ltd.

Court : Chennai

Decided on : Sep-12-1995

Reported in : [1996]220ITR476(Mad)

..... shareholders towards the shares allotted to them. both are distinct items and it is not possible to see any reasonable connection between them. neither by section 57(iii) of the income-tax act, 1961, nor by applying the test of a prudent person managing his affairs, can it be said that the interest earned on the contributions made by the shareholders can be ..... be considered together for the purpose of adjustment. hence, the interest received on the deposit of paid-up capital is in the nature of income chargeable to tax as income from other sources under section 57 of the income-tax act.6. deductions claimed in respect of investment of paid-up capital and moneys borrowed in call deposits pending utilisation for construction of factory came up ..... . no. 1515/(mds) of 1979, dated january 16, 1982, for the assessment year 1978-79 for the opinion of this court under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act') :'whether the appellate tribunal was right in facts and circumstances of the case, in holding that the interest received of rs. 25,532 before the commencement of ..... facts, while answering the question : 'whether, on the facts and in the circumstances of the case, the interest income of rs. 3,14,366 and miscellaneous income of rs. 2,742 are not taxable under section 56 of the income-tax act, 1961, under the head 'income from other sources' for the assessment year 1977-78 ?' the bombay high court held that the whole arrangement of .....

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Feb 02 1995 (HC)

Commissioner of Income-tax Vs. Chandmal Rajgarhia

Court : Patna

Decided on : Feb-02-1995

..... the circular clarifies that although the supreme court's aforesaid decision is under the indian income-tax act, 1922, the board is advised that it will equally apply to assessments made under the income-tax act, 1961. this circular set out in the above paragraph is binding on the income-tax department as per the decisions of the supreme court in the cases of navnit lal ..... and earning profits. they, therefore, constitute an association of persons only. under section 4 of the income-tax act, 1961, the unit for the purpose of assessment in this case can only be an association of persons. section 4 of the income-tax act, 1961, charges the income earned by such an association of persons called 'person' within the meaning of the definition clause of ..... for co-owners or for co-heirs to attract the characteristics of an association of persons under the indian income-tax act if the facts and circumstances of the case so warrant. an association of persons is a unit of assessment under the indian income-tax act, 1922. the precise meaning of the expression has come up for consideration on several occasions before the courts ..... it does not necessarily follow that in the matter of assessing the income earned by an association of persons, the income-tax officer has an option either to assess that body of persons called the association of persons or its individual members. under section 4 of the income-tax act, 1961, the income-tax officer is left with no choice to assess the association of persons .....

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Feb 03 1995 (HC)

Commissioner of Income-tax Vs. Samsul Huda

Court : Guwahati

Decided on : Feb-03-1995

..... appeal ?' 2. the assessee is assessed in the status of an individual under section 143(3) of the income-tax act, 1961, for the assessment years 1980-81 and 1981-82. the income-tax officer in the assessment orders noted that the assessee had not shown income from the business of his wife, which was included in the previous year and which was sustained on appeal ..... passed in the instant case.' 8. following the same obviously the tribunal having concluded that the appellate assistant commissioner's order was not sustainable (sic). although rule 28 of the income-tax (appellate tribunal) rules provides forremand of cases by the tribunal, in view of the facts as found by the tribunal, and there being no cross-objection or other materials available ..... : [1979]119itr872(cal) the calcutta high court held as follows (at page 876) : '. . . . the question whether the loss was capital loss or revenue loss did never arise before the income-tax officer or the appellate assistant commissioner. now, a reference to the grounds taken in appeal before the tribunal which have been quoted at length earlier in our judgment would show ..... tribunal has found that the appellate assistant commissioner was not correct in holding that the interest on government securities was liable to tax in the instant case. we have also noticed that the basis of the orders of the income-tax officer and the appellate assistant commissioner, that is, commissioner's order relating to the preceding year, was removed as illegal by .....

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